conclusion of corporate governance essay

Ethics and corporate governance Essay

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Introduction

Decision making.

Jacobs (2004, p. 17) defines corporate governance as an arrangement where organizations are guided and managed, and the emphasis of this description is generally accountability. During the last five years, corporate governance has attracted more concentration from public interest due to its evident significance for the economic stability of corporations and communities in general.

Likewise, corporate governance is the process in which corporate boards administer the operation of an organization by its managers, and the way the board members are held answerable to the organization and shareholders. This contains some inferences for organization or company behaviour not just to shareholders, but also to workers, clients, company’s sponsors, and the stakeholders, as well as the society where the company operates.

The corporate governance system states the sharing of roles and rights among various members in the corporation, for example managers, shareholders, corporate panel, and other groups. It also identifies the processes and guidelines for decision making in corporate issues.

Through this process, it also gives the arrangement where the organization goals are set and the way of achieving those goals and assessing performance (Solomon, 2011, p. 219). This paper discuses a corporate governance and its situation in an organization with studies of leadership behaviours that maintain and overcome the principles of corporate governance in particular company and society in general.

Corporate governance is mostly experienced in companies or organizations. Workplace behaviour is possibly among the most complex elements of the entire corporate governance interest to manage and monitor. However, leaders should have certain values, such as transparency, truth and integrity as a normal element of daily functions so that corporate governance will be achieved.

Company’s managers must start to focus critically on roles to manage efficiently with definite and perceived unsuitable and corrupt conducts if they want to prevent the possible effects and consequences of legal, society, company, and judicial impact.

The possible attack on corporate governance occurs in companies that employ particular number of workers that come from wide cross section of environment and cultures. A company may have a good status among its associates since it addresses the issues that govern the employees and truly kind with wage packages.

A good example occurs when particular employee is called to handle issues like sexual harassment plan since there have been incidences with certain employee or manager. A company may want to zip this issue and can expect that through training they could transform employee or manager’s behaviour and keep the person often considered helpful employee. Actually, the employee may have been set aside for the company’s leadership plan and may be in risk since the victim may affirm that he will resign if the incident is not tackled instantly.

It is possible that different situations of racial harassment or discrimination, similar to sexual harassment, are addressed since they are partly aligned. A company often recruits all workers from different races and cultures, which may cause hatred and discrimination.

Some employees often accuse other employees and request them to return to their home countries or regions. Certainly, managers or employers state that they declined to recruit based on nothing, but only that they did not want them since they identify them to be non-conformist to the company’s culture and principles.

Personally, I could advise the company that it should persist that the behaviour is illegal under the company’s Act. The situation may turn more complex if the clients, working with the section of the company, do not want certain employees to be recruited in its projects. Therefore, the companies should receive the explanation that as contractors they are often accountable based on the Act. The company should understand that it is poorly exposed and could undergo severe consequences.

They should eventually decide to assess and reform the company’s policies and to offer training for employees and level training for every operation they undergo. They should recruit extra employees to cope with the raised workload and to offer advice to administration to make sure that it abides by the company’s policies. The accused employee should leave the company and the victim should be promoted after the leadership training plan.

This incident is common in most companies since discrimination or harassment is common on an occasion where employees have different backgrounds, cultures, or nationalities. It may continue unless employees are provided with their rights and roles and are placed through an informative procedure. Companies can often focus on certain issue that has been exposed as bringing about a violation of the ethics Act of the company (Giroud & Mueller, 2011).

However, it is essential that managers in these companies assume holistic plans and address all issues that arise. They should examine all elements of the legislation and allocate an appropriate process, plan, and method ready to make sure that a violation should not happen under all other positions of the Act. Plans that comprise integrity and ethical decision making are essential as basis to follow and achieve appropriate corporate governance conducts (Klein, 2005).

Certain measures should be followed in all situations of corporate governance if the company needs to help employees and managers demonstrate and transform behaviour by using ethics and integrity. Consequently, they can follow acceptable corporate governance regulations.

Employees and managers are expected to translate policy and legislation into substantial activities and conducts. Formalised plans in themselves will never offer admirable results, mainly a sheep dip way, and it is immature for leaders to consider that this will provide the intended outcome.

Present employees in the organizations are required to be provided clear indications that describe unsuitable and corrupt conducts since they are not tolerable by management. A sticking point in the public sector is that employees are operating on an ethical stiff rope. This sector’s institutional environment creates it nearly impracticable for them to sustain a sturdy sense of ethics and resulting in a conduct that supports appropriate corporate governance.

Generally, the above approaches are among the main elements that I will use to tackle some instances of corporate governance in any company I will participate in. It is the similarity of legislation with workplace behaviour that in the future will attain achievement for corporate governance as a global project. This occurs when every sector of the society adopts certain values, such as transparency, sincerity, and truth as a common element of daily actions.

Corporate governance is among the major elements in decision making and supports the assessment and understanding of financial statements, as well as directs the sensible investment of finance to exploit net profits and income. Various ethical theories are present and can be used in various situations to update company’s thinking and to sustain acceptable decision making. The essential function of corporate governance is to make sure that tactical decision making is provided in the interest of people with a stake in thriving results.

These functions have an impact on the company’s decision making and important during assessment of the investment decisions and asset investment to a great coverage. Some major ethical theories involved in decision making are Consquentialism, Principlism, and Deontology.

Consquentialism proposes that the only element that matters ethically is the consequence of an activity in the company. Deontology states that the essential element is not the consequences of actions, but the moral responsibilities that make the people to do these actions. Principlism enables the people to address almost all ethical issues, and it involves four principles. The four principles include justice, respect for autonomy, non-malaficence, and beneficence.

The ethical virtues are implanted character traits that are considered socially important, such as honesty, reliability, humanity, and sincerity (Parnell, 2009, p. 99). Practical wisdom connects the manner in which virtues are used or passed, and virtue focuses on a person of good character performing an appropriate action (Porta & Lopez-de-Silanes, 2008).

Failure in corporate governance is a serious risk to the opportunities of all companies or firms. Efficient corporate governance, which abides by the core values of reliability and honesty, helps firms have competitive benefit in drawing and sustaining talent, as well as producing constructive responses in the market.

If a company follows a status for ethical behaviour in the current market environment, it provokes not just customer loyalty, but also employee loyalty. Efficient corporate governance may be attained through following a range of guidelines and greatest practices. A great deal relies upon equality, truth, integrity, and the way the firms carry out their businesses. Ethics is really an important element for business success and will go on to act as the outline for success in the current competitive market setting.

Giroud, X., & Mueller, H. (2011). Corporate Governance, Product Market Competition, and Equity Prices. The Journal of Finance , 2(1): 563-600.

Jacobs, J. (2004). Corporate Governance Reform: What It Means for Associations. Association Management , 56(1): 1-36.

Klein, P. (2005). Entrepreneurship and Corporate Governance. The Quarterly Journal of Austrian Economics , 2(2): 19–42.

Parnell, J. (2009). Strategic Management: Theory and Practice. Mason, OH: Cengage/AtomicDog.

Porta, R., & Lopez-de-Silanes, F. (2008). Investor protection and corporate governance. Journal of Financial Economics , 58: 3-27.

Solomon, J. (2011). Corporate Governance and Accountability. New York: Solomon.

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Three essays on corporate governance

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13 Advances in Corporate Governance: Conclusion and Implications

• Published: October 2020
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Listed corporations have been at the centre of corporate governance research and professional concern. Yet, organisational diversity reflecting a wide range of corporate forms and an evolving understanding of the corporation’s social role have broadened the scope of corporate governance beyond the listed firm. This chapter synthesises the preceding chapters’ findings. Starting with a discussion of different theoretical approaches, the chapter demonstrates the need to reflect on the applicability of the principal–agent theory to organisational forms such as non-profits and social enterprises with multiple stakeholders. Afterwards, the varying needs for corporate governance are discussed, thereby pointing to how existing models and approaches play out in different organisational contexts. The chapter concludes with implications for the development of corporate governance, derived from this volume’s comparative analysis.

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Essays on Corporate Governance

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6 June 2024

Navigating The Challenges of Corporate Governance: 7 Takeaways for Your Organization

Insights from

Susan Sobbott , Darden board member, business strategist Professor Jared Harris , strategy and ethics expert

I n an increasingly fraught and politically charged business environment, how can organizations be successful and be responsible leaders in society? Susan Sobbott, Darden board member and business strategist, and Darden Professor Jared Harris, faculty lead for Responsible Business for Corporate Boards , addressed this question and more in their online discussion for executives around “Navigating the Complex & Politicized Domain of Corporate Governance.” Here are the top seven takeaways from the conversation to navigate the complex decisions and challenges that executives and corporate boards face today.

Takeaway #1: Start with Defining Values

Business leaders are increasingly faced with complex situations and the business environment is becoming more politicized. We’ve seen how controversial decisions, like the prominent transgender bathing suit display at Target, can land companies at the center of a heated debate and impact financial returns.

Start by defining your values to serve as a guide and make a conscientious effort to connect with diverse audiences. This will allow you to make nuanced decisions based on various perspectives. While your decisions may not always please everyone, it’s important to stand by your values and purpose.

Takeaway #2: Align Decision-Making with Company Values

A Gallup poll 1 indicated that 26% of employees strongly agree that their company delivers on its promises, leaving 74% skeptical, showcasing a misalignment with the decisions being made and the values being communicated. When faced with decisions, revisit your company’s values and ask yourself if the decision you’re making is aligned with those values.

For example, when pharmaceutical giant, Merck, was not meeting its financial guidance, Ken Frazier, former CEO of Merck, made the decision to reduce the R&D budget. It was a risky decision, but one made in line with Merck’s commitment to patient care and innovation. It was accepted by the company’s stakeholders due to its alignment with the company’s values and purpose.

Takeaway #3: Have a Clear Understanding of a Company’s Purpose and Values

Having a clear understanding of your company’s purpose and values may not guarantee smooth decision-making, but it can provide a useful filter and help anticipate controversies that may arise. Responsible businesses are run and governed well. Have conversations that consider the potential scenarios and tactical outcomes in advance of announcing a decision. It’s impossible to avoid all stakeholder frictions, but taking time to anticipate outcomes forces a wide range of inputs to be considered and leads to more well-informed decisions.

Takeaway #4: Balance Stakeholder Needs with Authenticity

Companies face the challenge of balancing the needs and demands of various stakeholders, such as employees, customers, suppliers and shareholders. It’s difficult to satisfy all of these groups simultaneously and find initiatives that meet everyone’s needs. Leaders have to find a few initiatives that can productively solve for shareholders and employees and suppliers. It’s these factors that are contributing to the changing nature of C-suite and board members’ jobs. Authenticity is key when making decisions and stakeholders can sense authenticity.  A code of ethics or statement of values is great, but you must live out those ethics and values in your decisions to come across as authentic.

Takeaway #5: Stay Current Technologically and Culturally

The pace of change is accelerating, both in technology and cultural. Leaders have to work harder to be smarter. In the boardroom and as an executive, the job requires you to stay current on the issues/trends that impact not only the particular vertical being addressed, but also what’s happening culturally as well. A commitment to self-education and lifelong learning is critical.

Takeaway #6: Pay Attention to What’s Happening in Adjacent Industries

Leaders today must stay abreast of what is happening in adjacent industries. For example, with the ongoing safety concerns at Boeing, they created a Safety Committee. Even if you are not in the aerospace industry, it’s a signal as a board member to evaluate your organization and identify potential shortcomings in your process. For example, if you’re an online payments company, Boeing’s actions may signal to you to look at cybersecurity threats and evaluate if you’re doing enough.

Takeaway #7: Seek Out Different Stakeholder Perspectives

Today, there is an interconnectedness of stakeholders, one stakeholder’s actions can impact others, and it’s necessary to understand multiple stakeholders’ perspectives that are outside of your area of the business.  Every stakeholder has influence over the success of a company and with tools like social media, it’s becoming easier to influence others. Board members must come together to discuss what different stakeholders have in common and think about risk management and brand activism.

Access the on-demand webinar for the full conversation.

———–

Responsible Business for Corporate Boards is an 8-week live virtual, online program designed for busy senior executives and board members who need to navigate increasingly complex corporate activity. This weekly, live virtual program, featuring Darden’s world-renowned thought leaders in stakeholder management, strategy, ethics and finance – including Ed Freeman, Jared Harris, Yo-Jud Cheng, Scott Snell and Rich Evans, will change the way you think about serving on and interacting with boards. 

1 Efron, Louis (2022). Are Your Company Values More Than Just Words? Gallup. https://www.gallup.com/workplace/406418/company-values-words.aspx

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Professor Yael Grushka-Cockayne, Professor Mike Lenox and Devin Bigoness, Executive Director & Chief Client Officer

2 October 2023

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Industry Insights , Thought Leadership

18 April 2024

Conspiracy theorist Alex Jones agrees to liquidate assets to pay Sandy Hook families

Alex Jones, who spread lies about the 2012 shooting at Sandy Hook Elementary that killed 26 first-graders and staffers, has dropped efforts to declare bankruptcy and agreed to liquidate his assets in order to finally start paying the nearly $1.5 billion in damages he owes the victims' families.

The relatives of the Sandy Hook victims won their defamation suits against Jones in 2021. But they have yet to see a penny since Jones and his media company filed for bankruptcy protection in 2022.

Chris Mattei, an attorney representing some of the Sandy Hook families, said Jones is on the "brink of justice" and the victims' relatives are determined to keep him accountable.

"The Connecticut families have fought for years to hold him responsible no matter the cost and at great personal peril. Their steadfast focus on meaningful accountability, and not just money, is what has now brought him to the brink of justice in the way that matters most," Mattei said in a statement.

That might change now that Jones requested to convert his bankruptcy into a liquidation. The request comes after the victims' families had asked a bankruptcy judge in Texas to liquidate Jones' media empire and Infowars parent company, Free Speech Systems.

Liquidating will not be nearly enough to cover the amount owed to the families, but it will likely force Jones to forgo ownership of his alt-right outlet, Infowars, where he spewed false conspiracy theories for 25 years.

Jones lied on Infowars that the shooting in Newtown, Conn., which killed 20 first graders — 6- and 7-year-olds — and six teachers, never took place. In lawsuits filed against Jones, the victims' families said they were harassed and tormented by Jones' listeners as a result of his lies.

Since then, Jones testified in a Texas courtroom that he now understands it was irresponsible of him to say the Sandy Hook massacre was a hoax and that he now believes it was "100% real ."

Following the defamation suits, both Jones and Free Speech Systems filed for bankruptcy. In Jones' bankruptcy petition , he said he had between $1 million and $10 million in assets and between $1 billion and $10 billion in liabilities.

In 2023, Jones attempted to settle with the victims' families by offering a a minimum settlement of $5.5 million a year for 10 years, with more possible depending on Jones' income. The families filed a counterproposal, which requested liquidating nearly all of Jones' assets, including those related to his media company Infowars. The two sides were unable to reach an agreement.

On Sunday, the victims' families filed an emergency motion in U.S. Bankruptcy Court in Houston, asking the court to liquidate Free Speech Systems. The bankruptcy judge is scheduled make a decision on June 14.

Over the weekend during a taping of Infowars, Jones got emotional — alternating between anger and despair — while discussing losing his show and company.

"I'm not trying to be dramatic here but it's been a hard fight," he said.

NPR's Tovia Smith contributed reporting.

Copyright 2024 NPR

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Introduction, arguments for the death penalty, arguments against the death penalty, practical considerations and alternatives.

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